How To Fix Credit Report Errors
You never skip the opportunity to monitor your credit reports, your bills are always paid on time, you’re basically a good payer and you are confident that your credit record is as clean and as good as the first time you ever had one. Unfortunately credit report errors though unwanted can not be avoided entirely. Here is some information on how to fix credit report errors should they occur.
There are three major credit report agencies that do the collecting and reporting of information from lenders. This information is then stored and kept filed entirely for the purpose of helping individuals and creditors keep track of their credit history. Having a good credit history will be beneficial for both parties. Consumers get that loan or credit card that they need. And creditors get to avoid long standing unpaid bills and never ending collections of late payments from said consumers.
Equifax, Experian and TransUnion, are these three major agencies in the United States who are responsible for your credit reports. Though they are not the only operational credit reporting agencies in the country, they are the companies with the largest databases of credit information on hand.
Although these agencies may prove accurate, there will always be credit report errors that can not be avoided. Mistakes happen when there are also mistakes in the information that was submitted both by the lender and the consumer. Also, errors with basic information in the name, address and even social security number will greatly matter. Persons with same or similar names might have swapped credit reports or may it be that some information intended for one person will be posted to another.
The good news is that these credit report errors can be fixed and repaired. If you have enough proof that your credit report contains errors, you can dispute them directly with your credit bureau or to the lending company. Credit bureaus, takes at least thirty days to review your complaint, if proven that the entry was indeed an error, a letter and a corrected credit report will be mailed back to you.
For lending companies who have been disputed with credit report errors, they clarify it directly with their credit reporting agency as well, they check and review your complaint and the entries made, if there is enough proof, they will also have the corrected copy of your credit report mailed to you through the credit reporting agency.
With constant unknown of the economic crisis right now, one should avoid bad credit and you can’t afford to have credit report errors as well. That is why credit report monitoring is important for each individual in order to have a routine check on your financial condition. Knowing your credit standing will allow you to plan your financial future at an easier and more confident pace.
The first step in getting to fix credit report errors is by getting a copy of your credit report.
Additional Resources:
The Federal Trade Commission’s Information on Free Annual Credit Reports